Human life is bounded with uncertain situations. Thus, opting for a life insurance policy would protect the dependents from such risks (financial crisis) in-case of the breadwinner's demise. However, owning a policy isn't enough, you must ensure that your beneficiaries experience a smooth claiming process. The below are the few factors that you must consider after buying a life insurance policy.
Most people don't want to talk about their death relates issues with their beloved ones. But, it's necessary to discuss about the life insurance policy with your family members. You must share the details of the policy that you've taken and let them know about the compensation they'll get in-case of your demise.
Updating The Nominee Information
One must include the details of the nominee at the time of purchasing the policy. This step shouldn't be treated as a mere formality. Furnishing proper nominee details is important as it will make your dependents to avail the benefit without any trouble. One can update the nominee details any number of times during the policy tenure. At the same time, don't forget to collect the acknowledgement of the same from the insurance company for future purposes.
Handling The Policy Documents
Keeping the original policy documents safe is one of the important aspects to consider. Share a copy of your policy with your family or nominee members. The best thing you can do in this regard is to open an e-insurance account, in which all your policy details and documents are stored in electronic format. Many insurance companies are now offering e-insurance accounts to both new and existing customers. It's better to have one and ensure that you share the same with your family. This makes the claiming process easy for your family in your absence.
Update Your Contact Details
Make sure that your nominees know everything about important communication from the insurer in-case of your absence. For this, you've to update your latest communication details with the insurer. Any changes like the shift of residence, change in contact number or email address must be communicated with the insurance company.
Finally, you've spent your hard earned money on premiums for the sake of your family's protection. Thus, don't make it (policy) useless by not communicating about it with your loved ones...